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Reduce Balaji Telefilms, target of Rs 35: Angel Broking

Posted on: May 15th, 2009 and is filed under Brokerage Recommendations.

Angel Broking has downgraded its rating on Balaji Telefilms from accumulate to reduce with a target price of Rs 35 in its May 13, 2009 research report.

“Balaji Telefilms (BTL) posted a decline of 48.8% yoy in top-line (2nd consecutive quarter of decline) to Rs 49.4 crore (Rs 96.5 crore) on a standalone basis largely owing to a dip in commissioned programming hours by 51% yoy to 42.5 hours (3 shows on Star and 1 on Zee TV were called off during the quarter).”

“Given significantly poor 4QFY2009 results, limited show pipeline, sharp losses in Movie business and lack of demand for its content, we downgrade the stock from ‘Accumulate’ to ‘Reduce’ with a target price of Rs 35 (Rs 52) based on cash on books of Rs 216 crore (likely to act as downside cushion). Moreover, exodus of Top level Management, ongoing tussle with Star and lack of clarity over dues from INX Media is likely to weigh heavily on the stock,” says Angel Broking’s research report.

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